ITR filing deadline extended to 30 November

BusinessITR filing deadline extended to 30 November

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ITR filing deadline extended to 30 November

New Delhi: In view of the Coronavirus crisis, the government has given relief to the income tax payers to file returns. Finance Minister Nirmala Sitharaman has extended the deadline for filing all income tax returns for the last financial year (2019-20). The last date for filing all income tax returns for the financial year 2019-20 has been extended from 31 July 2020 and 31 October 2020 to 30 November 2020. Not only this, the deadline for tax audit has also been increased from 30 September to 31 October 2020.

The Finance Minister has asked all pending refunds of proprietorships, partnerships, LLPs and cooperative societies, including charitable trusts and non-corporate businesses, to be paid with immediate effect. Sitharaman said in the press conference that the duration of the ‘Dispute to Confidence’ scheme scheme has been increased to 31 December 2020.

Sitharaman has also taken steps on the staff provident fund (EPF) front. In view of the Corona crisis, the facility of 12-12 per cent (employer and employee) contribution to the EPF under the Prime Minister’s Poor Welfare Package has been extended for the next three months June July and August. Earlier this facility was for the month of March-April-May. This announcement of the government will only benefit companies which have less than 100 employees and 90% of the employees’ salary is less than Rs 15,000. This will give a profit of Rs 2500 crore. 72.22 lakh employees will benefit from this.

The Finance Minister said that in view of giving more money in the hands of companies and employees, the contribution of both employers and employees in EPF has been cut. The contribution to EPF has been reduced from 12-12 percent to 10-10 percent for the next 3 months. However, the contribution of 12 per cent will continue as the contribution of the employer in the public undertakings.

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